Posted on 09/28/2008 1:04:38 PM PDT by NoObamaFightForConservatives
Democrats in their own words Covering up the Fannie Mae, Freddie Mac Scam that caused our Economic Crisis
McCainPalin_08, you’re preaching to the choir. This needs to go to the people who don’t get youtube and post on F.R. You know, the ones who still think CNN is a reliable news source.
Bump -—
Gee, what makes me think these clowns will vote for Obama?
YEP and this need to go to McCAIN and his staff
Yep, they’ll know what to do with it.........
mega dittos. Forward this video and http://www.youtube.com/watch?v=H5tZc8oH—o ( the burning down the house video.
OK, I’m going to put my foot in “it”! Clay, Meeks, Waters, Davis and Raines are black, only Frank is white. I didn’t think that Fannie and Freddy were minority run. I don’t get it? I don’t get any sense of balance is here.
Political Correctness.
As an army we Freepers need to get this information out and other pertinent information out. As a FR army we need to sign up on a millions blogs of different sorts and publish this on them. Send this to your friends and neighbors. Send it to papers, radio programs, TV media programs. Every where possible, let’s roll. The pen is mightier than the sword. Information is powerful. Let the truth come out and do it’s perfect work!
In this video you will see Democrats fighting tooth and nail to keep Fannie and Freddie from being reformed before these government-sponsored entities blew up, the fallout from which is now threatening the world's financial structure. Here is the video of the hearings in which Democrats tell us "nothing is wrong," everything is great, there are no problems. They use the hearings as an opportunity to beat up on the would-be regulators, accuse them of wanting to lynch Franklin Raines, and tell us that Fannie and Freddie are operating exactly as they want them to act.
We see Maxine Waters (DEMOCRAT) accuse the regulators of “…trying to fix something that wasn’t broke;” and stating that “under the outstanding leadership of Mr. Frank Raines everything under the 1995 act has worked just fine.” She also praised “desktop underwriting and 100% loans.”
We see Gregory Meeks (DEMOCRAT) tell OFEO’s Falcon “I’m pissed off at OFEO” and “Nothing that’s indicated that’s wrong with Freddie Mac.” He’s attacking the regulators for raising questions about Freddie’s business practices; practices that led to catastrophe just four years later.
We see Arthur Davis (DEMOCRAT) say “…that sounds like some kind of invisible line has been crossed” when regulators dared to raise concerns about Fannie and Freddie.
We see Lacy Clay (DEMOCRAT) claim that “This hearing is about the political lynching of Franklin Raines.”
We see Barney Frank (DEMOCRAT) defending Fannie and Freddie’s accounting practices stating that “I don’t see anything in your report that raises safety and soundness problems.” Frank goes on: “It serves us badly to raise safety and soundness as a general shibboleth when it does not seem to be an issue.
And then we have the testimony of Franklin Raines, CEO of Fannie Mae testifying that the real estate backed assets (mortgages) he holds are “so riskless” that he should be able to leverage his assets 50 to 1. At the time he was borrowing $30 for every $1 of capital. That means that if real estate declined just 3% Fannie Mae is wiped out. That is exactly what happened – and worse - and we are left holding the bag.
The political commentators on one of the news shows wondered why in the debate McCain did not hit Obama with these very facts in brief summary. All’s McCain had to do was say, ‘my friends the proof is in C-Span video that the republicans tried to stop this financial mess but were meet with political correctness of corruption of your very left liberal friends.
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